Oil jumps 5% after 7 days of losses, boosted by weaker dollar | Reuters

Oil jumps 5% after 7 days of losses, boosted by weaker dollar | Reuters

Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven sessions of declines.

Brent crude climbed $3.57, or 5.5%, to end the session at $68.75 a barrel after touching its lowest since May 21 at $64.60 during the session.

U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.50, or 5.6%, to settle at $65.64.

Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.

But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.